It said that the directors had served in the executive management capacity for nearly two years and had been part of the new board of the bank which came into being following the intervention of the Central Bank of Nigeria on July 4 2016.

The letter quoted Mr Tokunbo Abiru, the bank’s Group Managing Director, as saying that the executive directors had contributed immensely to the successful leadership transition which commenced last year.

The bank also “announced that the new development does not in any way affect the smooth running of the bank as it continues to deliver services to its customers across the country.”

It added that the portfolios of the directors had been assigned to some general managers to ensure a seamless transition.